For most people, the durable power of attorney is the most important
estate planning instrument available — even more useful than a will. A
power of attorney allows a person you appoint — your "attorney-in-fact"
— to act in your place for financial purposes when and if you ever
become incapacitated.
Anna Nicole Smith seemed to go from one estate planning mess to another. First,
she was the wife of billionaire J. Howard Marshall. For many years, she was involved
in litigation over his estate because J. Howard never included her in his Will.
But, even after experiencing first-hand the emotional, financial, and time costs
of J. Howard’s poor estate planning, Anna Nicole left behind her own mess.
This month's newsletter examines the unique planning requirements of families with children,
grandchildren or other family members (such as parents) with special needs.
There are many misconceptions in this area that result in costly mistakes in
planning for special needs beneficiaries. It is, therefore, incumbent upon us -
our clients' advisors - to ensure that clients understand all of their
options.
